# $65K Saved in 6 Months: How Penntek Doubled Payment Efficiency

Revolutionizing cash flow and saving thousands for industrial coatings with Paystand’s digital payment platform.

## By The Numbers

### 58%
#### Increase in Annual Transaction Volume

### 35%
#### Reduction in Credit Card Transactions

### $65,300
#### Saved In Transaction Costs

### Headquarters
#### Maple Grove, MN

### Industry
#### Floor Coatings Manufacturing and Distribution

### Client

### Challenge
Penntek Coatings faced inefficiencies with manual check processing, high credit card fees, and frequent month-end discrepancies, while struggling to modernize their payment experience and pass on processing fees.

### Solution
With Paystand, Penntek automated payments, reduced credit card usage, streamlined month-end adjustments, and improved cash flow management, saving time and costs while enhancing the customer experience.

## **Testimonials**
“Paystand’s digital payment solution has saved us money and improved our customer experience. It's been a game-changer for our operations.”  
**Bob Thonet**  
*CFO*

### Challenges Faced by Penntek Coatings
- Manual check processing consumed staff time and created errors.
- High transaction fees from credit card use reduced profitability.
- Outdated processes led to month-end financial discrepancies.
- Customer payment experience required modernization.

### Results Delivered by Paystand
- **$65,300 Saved** in convenience fees in just 6 months.
- Nearly **double the transaction volume**, increasing from $15.6M to $30.4M annually.
- Improved customer satisfaction with a modernized payment process.

[**Make payments a strategic advantage for your business**  
Request Demo](/content/resources/case-studies/penntek-coatings#/index.html)

Paystand is on a mission to create a more open financial system, starting with B2B payments. Using blockchain and cloud technology, we pioneered Payments-as-a-Service to digitize and automate your entire cash lifecycle. Our software makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue.